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Possible Bearish Inside Day Candle Pattern Detected for Norfolk Southern (NYSE:NSC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Norfolk Southern (NYSE:NSC) based on the price action in the company's shares. Today's price range of $123.27 and $124.00 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Norfolk Southern may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Norfolk Southern has traded in a range of $64.51 to $125.00 and is now at $123.55, 92% above that low. The 200-day and 50-day moving averages have moved 0.09% higher and 1.45% higher over the past week, respectively.

Norfolk Southern (NYSE:NSC) is currently priced 2.5% above its average consensus analyst price target of $120.44. Norfolk Southern shares have support at the 50-day moving average (MA) of $82.38 and additional support at the 200-day MA of $81.04.

Norfolk Southern Corporation provides rail transportation services. The Company transports raw materials, intermediate products, and finished goods primarily in the Southeast, East, and Midwest and, via interchange with rail carriers, to and from the rest of the United States. Norfolk Southern also transports overseas freight through several Atlantic and Gulf Coast ports

SmarTrend recommended that subscribers consider buying shares of Norfolk Southern on April 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $117.51. Since that recommendation, shares of Norfolk Southern have risen 5.6%. We continue to monitor NSC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Norfolk Southern

Ticker(s): NSC